Linde Finance B.V.
Transcript of Linde Finance B.V.
Linde Finance B.V.L I N D E F I N A N C E H A L F -Y E A R R E P O R T
J A N U A R Y T O J U N E 2 0 1 5
Interim Financial Statements 3 > INTERIM DIRECTOR'S REPORT
5 > FINANCIAL HIGHLIGHTS
6 > INTERIM BOARD OF SUPERVISORY
DIRECTOR’S REPORT
8 > BALANCE SHEET ASSETS
9 > BALANCE SHEET EQUITY AND LIABILITIES
10 > PROFIT AND LOSS ACCOUNT
11 > CASH FLOW STATEMENT
12 > GENERAL ACCOUNTING PRINCIPLES
14 > NOTES TO THE INTERIM ACCOUNTS
21 > SUPPLEMENTARY INFORMATION ON THE NOTES
26 > REVIEW REPORT
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INTERIM DIRECTOR'S REPORT
INTERIM DIRECTOR'S REPORT
F I N A N C I AL H I G H L I G H T S
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The Board of Managing Directors of Linde Finance B.V.
hereby presents the interim financial statements for the
first six months of 2015. These statements are prepared
according to generally accepted accounting principles in
the Netherlands and in conformity with the provisions of
the Dutch Guideline for Annual Reporting 394 on interim
financial information. All financial information is pre-
sented in Euro and has been rounded to the nearest
million, unless otherwise stated.
General
Linde Finance B.V. is registered in Amsterdam, Buiten-
veldertselaan 106, the Netherlands and has been incor-
porated on 12 May 1999 under Dutch law. Linde Finance
B.V. acts as a finance company for the benefit of The
Linde Group companies. The ultimate parent of Linde
Finance B.V. is Linde AG, Munich, which is listed on the
German stock exchange.
Objectives
The objectives of Linde Finance B.V., in accordance with
article 2 of the Articles of Association, are to incorporate,
to participate, to manage and finance other group com-
panies. Furthermore to borrow and lend moneys, to place
public and private debt and in general to engage in
financial and commercial activities which may be condu-
cive to the foregoing.
Tasks and responsibilities
The Board of Managing Directors is in charge of the
management of Linde Finance B.V.. This means that the
Board of Managing Directors responsibilities include the
policy and business progress within Linde Finance B.V.
and with this the achievement of the goals, strategy,
profit development and the social aspects of doing busi-
ness that are relevant for Linde Finance B.V.. The Board
of Managing Directors is also responsible for the compli-
ance with legislation and regulations and the manage-
ment of the risks coupled with the activities and the
financing of Linde Finance B.V..
The Board of Managing Directors discusses the internal
risk management and control systems with the Supervi-
sory Board. These controls were set up to identify and
manage foreign exchange-, interest-, liquidity-, counter-
party- and credit risks. As to these risks, Linde Finance
B.V. has a conservative approach. For example currency
risks are avoided in line with the hedging policies. Inter-
est rate exposures beyond the duration of one year are
being hedged if no back to back funding is in place.
The liquidity risk is actively managed and covered by
a EUR 2.5 bn five year syndicated revolving credit facility,
which was agreed in July 2013. During the reporting
period, Linde successfully extended the term of the
syndicated revolving credit facility for a second time by
one year until 2020. The credit line originally had a term
of five years with two options to extend the facility, in
each case by one year (subject to the agreement of the
lenders).
Intercompany credit exposure has been insured with
Linde AG, Munich through a Credit Assurance Agreement.
For further information we refer to NO TE [31] PA GE 23.
In discharging its duties the Board of Managing Direc-
tors is led by the interests of Linde Finance B.V. and its
affiliated enterprises. The Board of Managing Directors is
accountable to the Supervisory Board and the General
Meeting of Shareholders for its policy.
Appointment
The members of the Board of Managing Directors are
appointed by the Supervisory Board for an indefinite
period. The basis for noncompliance with the recommen-
dation of the Dutch Corporate Governance Code (ap-
pointment for a maximum term of four years Principle
II.1.1 of the Code) rests in the principles of Linde Finance
B.V. being oriented towards the long term. The Supervi-
sory Board notifies the General Meeting of Shareholders
of an intended appointment and does not dismiss mem-
bers of the Board of Managing Directors until after the
General Meeting of Shareholders has expressed its
opinion.
Responsibility statement
The Board of Managing Directors of Linde Finance B.V.
wish to state:
¬ that the interim financial statements give a true and
fair view of the assets, liabilities, financial position
and profit and loss of Linde Finance B.V.;
¬ that the interim report gives a true and fair view of
the position as per balance sheet date, the develop-
ment during the financial period of Linde Finance B.V.
in the financial statement, together with a description
of principal risks it faces.
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Corporate Governance Statement
The Board of Managing Directors of Linde Finance B.V. is
responsible for the maintenance and development of an
accurate framework for risk management and control
and also the active management of the strategic, techno-
logical, operational, financial and compliance risks that
Linde Finance B.V. faces.
We declare that the substantial risks with which Linde
Finance B.V. is confronted are described in these finan-
cial statements. These financial statements provide
insight into the extent to which risks are prevented and
controlled. Linde Finance B.V. takes due consideration of
the findings of the external auditor, KPMG Accountants
N.V., which audits the financial statements. Based on the
reports, our own observations and experiences from the
past, the Board of Managing Directors declares, with
reference to best practice provision II.1.5 of the Dutch
Corporate Governance Code, that the framework for risk
management and control, as described above and in the
Corporate Governance section of this report, provides a
reasonable assurance that the financial reporting does
not contain any errors of material importance and that
this framework worked properly in the first six months of
2015 interim reporting . The true effectiveness of the
Dutch Corporate Governance code can only be evaluated
based on the results over a longer period and/or based
on specific checks of the design, the existence and the
function of the internal management controls.
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FINANCIAL HIGHLIGHTS
I N T E R I M D I R EC T O R ' S R E P O R T
FINANCIAL HIGHLIGHTS
I N T E R I M B O A R D O F S U P E R V I S O R Y
D I R E C T O R ’ S R E P O R T
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Linde Finance B.V. has a EUR 10.0 bn Debt Issuance
Programm (DIP), which is guaranteed by Linde AG, Mu-
nich.
At the end of June 2015 the nominal debt outstanding
under this program is EUR 7.3 bn (31.12.2014: EUR 7.3
bn). Thereof EUR 5.0 bn (31.12.2014: EUR 5.0 bn) is
issued by Linde Finance B.V..
During the first six months of 2015 Linde Finance B.V.
did not issue or repay any bonds or medium term notes.
As per 30 June 2015, Linde Finance B.V. has nominal
EUR 700.0 m (31.12.2014: EUR 700.0 m) and GBP 250.0
m (31.12.2014: GBP 250.0 m) of subordinated bonds
oustanding. Linde Finance B.V. also has debt outstanding
for nominal GBP 200.0 m (31.12.2014: GBP 200.0 m)
which originally has been issued by the former BOC
GROUP PLC and for which Linde Finance B.V. has been
substituted as issuer in December 2007. These three
bonds are not issued under the DIP.
In July 2013 Linde AG, Munich and Linde Finance B.V. had
agreed a new five-year EUR 2.5 bn syndicated revolving
credit facility. During the reporting period, Linde success-
fully extended the term of the syndicated revolving
credit facility for a second time by one year until 2020.
The credit line originally had a term of five years with
two options to extend the facility, in each case by one
year (subject to the agreement of the lenders).
Supplementary to the EUR 10.0 bn DIP programm, Linde
Finance B.V. has a EUR 2.0 bn multi-currency Commercial
Paper (CP) Programme which is unconditionally guaran-
teed by Linde AG, Munich. As per 30 June 2015, Linde
Finance B.V. has no Commercial Papers outstanding
(31.12.2014: EUR 0.0 m).
During the first six months of 2015 the interest in-
come amounted to EUR 298.3 m (30.06.2014: EUR 293.6
m). The interest expense amounted to EUR 285.9 m
(30.06.2014: EUR 283.5 m).
The profit after taxation was EUR 8.4 m (30.06.2014: EUR
8.6 m). Linde Finance B.V. operates under an Advance
Pricing Agreement (APA) with the Dutch fiscal authorities.
This APA ruling defines the minimum returns for inter-
company loans.
For the year 2015 we expect a positive and stable result.
In relation to personnel, we do not foresee any changes
in 2015.
Standard and Poor’s credit rating for Linde Finance B.V.
is “A+ / A-1” (long- and short-term) (aligned with the
ratings of the ultimate parent Linde AG, Munich). The
credit rating of the subordinated bonds is A-. Moody’s
credit rating for Linde Finance B.V. is “A2 / P-1” (long-
and short-term) (aligned with the ratings of the ultimate
parent Linde AG, Munich). The credit rating of the subor-
dinated bonds is Baa1. The outlook of all ratings is stable.
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INTERIM BOARD OF SUPERVISORY DIRECTOR’S REPORT
F I N A N C I AL H I G H L I G H T S
INTERIM BOARD OF SUPERVISORY
DIRECTOR’S REPORT
BALANCE SHEET ASSETS
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The Board of Supervisory Directors hereby submits the
interim report for the first six months of 2015. The interim
financial statements have been reviewed by KPMG
Accountants N.V. and were provided with an unqualified
review opinion on 31 August 2015. The review report can
be found on PA GE 26 of the financial statements.
Corporate Governance
Corporate governance rules
for the Supervisory Board
The Supervisory Board supervises the policy of the Board
of Managing Directors and the general business progress
of Linde Finance B.V., and advises the Board of Managing
Directors. The Supervisory Board monitors and supervises
the Board of Managing Directors with respect to the
results of the strategy, the main risks related to the ope-
rations of Linde Finance B.V., as well as the functioning of
the organisation. Furthermore any significant changes to
the risk management and control systems will be dis-
cussed and monitored.
The Supervisory Board of Linde Finance B.V., also has
the authority to approve certain decisions of the Board of
Managing Directors as stipulated in the Articles of Asso-
ciation. The Supervisory Board consists of three members.
In the performance of its duties the members of the
Supervisory Board, are led by the interests of Linde
Finance B.V. and taking into account the interests of all
Linde Finance B.V. stakeholders and all the aspects of
social responsibility relevant to Linde Finance B.V..
The Supervisory Board also has the authorities and
powers specified in the provisions of Book 2 of the Dutch
Civil Code. These powers include, in particular, the ap-
pointment of the Board of Managing Directors members,
the determination of the number of members of the
Board of Managing Directors and the approval of a num-
ber of other decisions of the Board of Managing Directors
as specified in legislation.
The Board of Supervisory Directors met one time in 2015.
Besides these meetings there are on-going contacts bet-
ween the Board of Supervisory Directors and the Board of
Management Directors.
Based on the number of Supervisory Board members,
the Supervisory Board of Linde Finance B.V. can operate
without separate committees. This means that the Board
of Supervisory Directors as a whole acts as Audit Commit-
tee as well.
In connection with the listing of Bonds at the Luxem-
bourg Stock Exchange Linde Finance B.V. is regarded as
an “Organisation of Public Interest” (Organisatie van
Openbaar Belang).
The current composition of the Board of Supervisory
Directors is:
¬ Georg Denoke (1965, German nationality), member of
the Board of Supervisory Directors since 12 Septem-
ber 2006.
¬ Björn Schneider (1971, German nationality), member
of the Board of Supervisory Directors since 24 August
2004.
¬ Dr Sven Schneider (1966, German nationality), mem-
ber of the Board of Supervisory Directors since
22 April 2011.
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O F S U P E R V I S O R Y D I R E C T O R S ,
G E O R G D E N O K E
C H A I R M A N
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Corporate governance general
The Dutch corporate governance principles followed by
Linde Finance B.V. are laid down in various Regulations of
Linde Finance B.V..
The Code is not applicable to Linde Finance B.V.
because by law it only governs stock exchange listed
companies, Linde Finance B.V. voluntarily applies the
principles and best practice provisions of the Code that
are compatible with its control structure and the nature
of Linde Finance B.V.. The provisions that are not applied
and the reasons why are listed in the overview below.
There were no changes in the governance structure
during the first six months of 2015.
Corporate governance conflict
of interests
Linde Finance B.V. as part of the Linde Group strictly rules
to prevent every form and appearance of a conflict of
interest between Linde Finance B.V. on the one hand and
the members of the Board of Managing Directors and the
members of the Supervisory Board on the other hand.
Decisions to enter into transactions involving conflicting
interests of Board of Managing Directors or Supervisory
Board members of a material significance for Linde Fi-
nance B.V. and/or for the relevant individual must, in
accordance with these rules, be approved by the Super-
visory Board. During the year under review no conflicts
of interests were reported.
Corporate governance, the General Meeting
of Shareholders
Linde Finance B.V. General Meeting of Shareholders has
the authority to approve certain Board of Managing
Directors decisions. These decisions, which are stipulated
in the Articles of Association, are major decisions relating
to the operations, legal structure and financial structure
of Linde Finance B.V. (and the companies in which it
holds shares) as well as decisions related to major in-
vestments.
The most important other authorities of the General
Meeting of Shareholders are:
¬ adoption of the financial statements and profit appro-
priation of Linde Finance B.V.;
¬ discharging the members of the Board of Managing
Directors for their management and the members of
the Supervisory Board for their supervision of the
Board of Managing Directors;
¬ adoption of the dividend;
¬ appointment and dismissal of the external auditor;
¬ amendments to the Articles of Association; and
¬ issuing of shares, exclusion of the application right,
authorisation to repurchase own shares, reduction of
the paid-up capital, dissolution, application for bank-
ruptcy of Linde Finance B.V..
Best practice provisions of the Code not
applied by Linde Finance B.V.
Linde Finance B.V. endorses the Code by applying the
principles and best practice provisions or by explaining
why Linde Finance B.V. deviates from the Code. The prin-
ciples listed below are not applied for the reason indi-
cated in the foregoing text or below:
Principle II.1.1: Appointment
The members of the Board of Managing Directors are
appointed by the Supervisory Board for an indefinite
period. The basis for noncompliance with the recommen-
dation of the Code (appointment for a maximum term of
four years) rests in the fact that Linde Finance B.V. is
oriented towards the long term. The Supervisory Board
notifies the General Meeting of Shareholders of an in-
tended appointment and does not dismiss members of
the Board of Managing Directors until after the General
Meeting of Shareholders has expressed its opinion.
Principle II.2.1-15: Remuneration
Publishing remuneration report, most important compo-
nents of employment conditions or severance payment
of Board of Managing Directors members: Linde Finance
B.V. utilizes the statutory exception as understood in Art.
2:383b of the Dutch Civil Code for so-called “private
public liability companies”.
Principle III.2.1: Independence
All Supervisory Board members, with the exception of
one, are independent. The reason for this is that this
Supervisory Board member is also a director of the
shareholder of Linde Finance B.V.. Here we are not com-
pliant with the code. As stated before there has not been
any conflict of interest during the year under review.
Principle III.5.10-14: Composition and role of three key
committees of the supervisory board
As the board of Supervisory Directors consists of three
members this principle is not applied. In respect to the
audit committee we refer to the Report of the Supervi-
sory Directors.
Principle III.7.1-3: Renumeration
The Board of Supervisory Directors are not paid any
remuneration.
Principle III.8.1-4: One Tier Management Structure
This is not applied as there is no one tier management
structure.
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BALANCE SHEET ASSETS
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D I R E C T O R ’ S R E P O R T
BALANCE SHEET ASSETS
B A L A N C E S H E E T
E Q U I T Y A N D L I A BI L IT I E S
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T1 BALANCE SHEET OF LINDE FINANCE B.V. – ASSETS
in € thousand Note 30.06.2015 31.12.2014
Other operating fixed assets 21 24
Tangible fixed assets 21 24
Loans to group companies [1] 5,953,581 8,231,143
Deferred derivatives results [2] 3,454 4,259
Prepaid expenses [3] 2,909 3,272
Financial fixed assets 5,959,944 8,238,674
FIXED ASSETS 5,959,965 8,238,698
Loans to group companies [4] 6,051,597 3,319,270
Interest receivable from group companies [5] 142,269 157,724
Interest receivables from third parties [6] 43,441 29,727
Deferred derivatives results [2] 28,105 32,818
Forward exchange contracts [7] 68,241 111,066
Derivatives at fair value [8] 177,137 229,906
Tax receivable [9] 2,779 4,411
Other assets [10] 33,767 –
Receivables 6,547,336 3,884,922
Collateral deposits [11] 84,400 71,200
Liquid assets [12] – 7,801
Cash and cash equivalents 84,400 79,001
CURRENT ASSETS 6,631,736 3,963,923
ASSETS 12,591,701 12,202,621
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BALANCE SHEET EQUITY AND LIABILITIES
BALANCE SHEET ASSETS
BALANCE SHEET
EQUITY AND LIABILIT IES
PROFIT A ND LOS S A CCOUNT
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T2 BALANCE SHEET OF LINDE FINANCIAL B.V. – EQUITY AND LIABILITIES
in € thousand Note 30.06.2015 31.12.2014
Share capital 5,000 5,000
Share premium 150,000 150,000
Retained earnings 136,518 119,357
Unappropriated profits 8,356 17,161
EQUITY [13] 299,874 291,518
Subordinated bonds [14] 1,059,917 1,033,030
Bonds notes payable [15] 4,249,729 4,466,868
Deferred derivatives results 87 98
Loans from group companies [16] 260,961 265,411
LONG TERM LIABILITIES 5,570,694 5,765,407
Bonds notes payable [15] 1,030,611 703,309
Collateral borrowing [17] 20,233 7,733
Credit institutions [18] 19,484 –
Loans from group companies [16] 5,209,690 4,938,044
Interest payable to third parties [19] 140,334 138,638
Interest payable to group companies [20] 42,452 36,275
Forward exchange contracts [7] 55,602 77,728
Derivatives at fair value [8] 177,137 229,906
Other payables to third parties [21] 20,994 6,298
Other payables to group companies 1,795 1,939
Tax payable 2,772 5,747
Accounts payable 29 79
SHORT TERM LIABILITIES 6,721,133 6,145,696
EQUITY AND LIABILITIES 12,591,701 12,202,621
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PROFIT AND LOSS ACCOUNT
B A L A N C E S H E E T
E Q U I T Y A N D L I A BI L IT I E S
PROFIT AND LOSS ACCOUNT
CASH FLOW STATEMENT
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T3 PROFIT AND LOSS
in € thousand Note January to June 2015 January to June 2014
Group company loans 216,587 219,646
Other interest income 81,740 73,955
INTEREST INCOME [22] 298,327 293,601
Group company loans 86,715 89,437
Other interest expense 199,159 194,014
INTEREST EXPENSES [23] 285,874 283,451
NET INTEREST RESULT 12,453 10,150
Foreign exchange result –976 1,842
FINANCIAL RESULT 11,477 11,992
General and administrative expenses [24] 393 419
Other income 45 46
PROFIT BEFORE TAXATION 11,129 11,619
Taxation [25] 2,773 3,025
NET PROFIT AFTER TAXATION 8,356 8,594
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CASH FLOW STATEMENT
PROFIT A ND LOS S A CCOUNT
CASH FLOW STATEMENT
G E N E R A L A C C OU N T IN G P R I N C I P L E S
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T4 CASH FLOW STATEMENT
in € thousand January to June 2015 January to June 2014
NET PROFIT 8,356 8,594
In-/decreasel fixed assets 2,278,733 1,413,280
In-/decrease current assets –2,675,614 –1,919,065
In-/decrease long term liabilities –194,713 30,611
In-/decrease current liabilities 575,437 161,740
NET CASH FLOW FROM OPERATING ACTIVITIES –16,157 –313,434
Proceeds from issuance of debt securities – 300,000
Repayment of debt securities – –
NET CASH FLOW FROM FINANCING ACTIVITIES – 300,000
In-/decrease cash at banks –7,801 –4,840
Liquid assets 1 January 7,801 4,840
LIQUID ASSETS 30 JUNE – –
INCLUDED IN THE CASH FLOW FOR THE YEAR ARE THE FOLLOWING
AMOUNTS
Interest Income received 266,277 279,820
Interest expenses paid –253,061 –265,192
Income taxes paid 3,175 5,935
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GENERAL ACCOUNTING PRINCIPLES
CASH FLOW STATEMENT
GENERAL ACCOUNTING PRINCIPLES
NOTES TO THE INTERIM AC C OUNTS
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General
Linde Finance B.V. is registered in Amsterdam, Buiten-
veldertselaan 106, the Netherlands and has been incor-
porated on 12 May 1999 under Dutch law. Linde Finance
B.V. acts as a finance company for the benefit of The
Linde Group companies. The ultimate parent of Linde
Finance B.V. is Linde AG, Munich, which is listed on the
German stock exchange.
Basis of presentation
The accompanying accounts have been prepared under
the historical cost convention in accordance with gener-
ally accepted accounting principles in the Netherlands
and in conformity with the the Dutch Guideline for An-
nual Reporting 394 on interim financial information. All
financial information is presented in Euro and has been
rounded to the nearest million, unless otherwise stated.
The financial statements are prepared on a going con-
cern basis.
Accounting policies
The initial measurement of all assets and liabilities is fair
value. The subsequent measurement of all assets and
liabilities is amortised cost unless a different valuation
principle is indicated in the accompanying notes. Assets
are shown net of provisions where necessary. Income
and expenses are attributed to the financial year to
which they relate.
Announced changed policies
for financial instruments
As per the first of January 2014, the accounting princi-
ple”RJ290” (main change is the ineffectiveness testing of
derivatives when cost price hedge accounting is applied)
has been changed. Linde Finance B.V. is in compliance
with these changes.
Cost price hedge accounting
Linde Finance B.V. applies the cost price hedging model
to hedge interest rate risk and foreign currency risk. Cost
price hedging means that derivative financial instru-
ments follow the valuation principle of the hedged item
(i.e. cost price). Linde Finance B.V. documents the hedge
relationships in hedge documentation and periodically
assesses the effectiveness of the hedge relationships by
verifying that no over or under hedges exists based on
the critical terms check.
Fair Value Accounting
For forward starting swaps contracted with third parties
and with group companies are accounted for at fair value.
The fair value of derivative financial instruments is
determined as follows, the derivative financial instru-
ments are measured by discounting expected future cash
flows using the net present value method. As far as
possible, the entry parameters used in these models are
relevant observable market prices and interest rates at
the balance sheet date, obtained from recognised exter-
nal sources.
Derivatives that are not subject to cost price hedge
accounting and which are not measured at fair value, are
accounted for at the “lower cost or market”.
Cash flow statement
The cash flow statement is based on the indirect method,
for the operating cash flow and based on the direct
method, for the cash flow from financing activities. The
figures relating to the operational cash flows are derived
from the delta in the balance sheet position.
LINDE FINAN CE HA LF-YEAR REPO RT JANUARY TO JUNE 2015
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Foreign currencies
Assets and liabilities denominated in foreign currencies
are translated into Euro at rates of exchange at the bal-
ance sheet date.
Financial fixed assets
Financial fixed assets include the nominal amounts of
loans, of a long-term nature, issued to group companies,
as well as prepaid expenses.
Net result
The net result has been calculated on the basis of the
accrual and matching principles.
Taxation
Taxation is calculated on the basis of commercial income
adjusted for available fiscal facilities.
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NOTES TO THE INTERIM ACCOUNTS AS PER 30 JUNE 2015
G E N E R A L A C C OU N T IN G P R I N C I P L E S
NOTES TO THE INTERIM ACCOUNTS
S U P P L E M E N T A R Y INF O R M A T I O N
ON THE NOTES
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Assets
[1] Loans to group companies
The movements in long-term loans to group companies
during the year were as follows:
T5 MOVEMENT IN LONG TERM LOANS TO GROUP COMPANIES
in € thousand 2015 2014
At 1 January 8,231,143 8,222,485
New loans 12,245 667,034
Reclassified to short term loans –2,413,820 –1,804,282
Translation adjustment 124,013 44,502
Loans redeemed – –319,290
At 30 June 5,953,581 6,810,449
An amount of EUR 1.8 bn (31.12.2014: EUR 1.8 bn) of the
principal portions outstanding have a final maturity over
more than five years.
Long-term loans to group companies for a total
amount of EUR 1.7 bn (31.12.2014: EUR 1.9 bn) are
denominated in a currency other than Euro. If no natural
hedge is in place Linde Finance B.V. has entered into
various foreign exchange contracts to hedge foreign
currency risks. The valuation of the loans and foreign
exchange contracts is based on the prevailing rate of
exchange of the respective reporting dates. The average
interest rate on long term non Euro denominated loans to
group companies on 30 June 2015 was 5.24 percent
(31.12.2014: 4.08 percent).
[2] Deferred derivatives results
Deferred derivatives results are proceeds of unwound
derivatives to be amortised, which were previously in a
hedge relationship with group companies, of EUR 28.1 m
(31.12.2014: EUR 32.8 m). The unwinding of derivatives
has been executed on a risk neutral basis.
A remaining amount of EUR 3.5 m (31.12.2014: EUR
4.3 m) will be amortised over the remaining tenor of the
settled swap.
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[3] Prepaid expenses
In July 2013 Linde AG, Munich and Linde Finance B.V. had
agreed a new five-year EUR 2.5 bn syndicated revolving
credit facility. During the reporting period, Linde success-
fully extended the term of the syndicated revolving
credit facility for a second time by one year until 2020.
The credit line originally had a term of five years with
two options to extend the facility, in each case by one
year (subject to the agreement of the lenders).
Linde Finance B.V. paid an upfront premium of EUR
4.5 m. The outstanding value per 30 June 2015 of EUR 2.9
m (31.12.2014: EUR 3.3 m) will be amortised over the
remaining tenor of the facility.
[4] Loans to group companies
Linde Finance B.V. holds short-term loans to group com-
panies for EUR 6.1 bn (31.12.2014: EUR 3.3 bn) of which
the principal portions are due and payable within one
year. Interest rates are determined based on the at arm’s
length principle. The average interest rate on these loans
as at 30 June 2015 is 2.05 percent (31.12.2014: 1.78
percent).
Short-term loans to group companies for a total
amount of EUR 1.1 bn (31.12.2014: EUR 739.3 m) are
denominated in a currency other than Euro at 30 June
2015. If no natural hedge is in place Linde Finance B.V.
has entered into foreign exchange contracts to hedge
foreign currency risks. The valuation of the loans and
foreign exchange contracts is based on the prevailing
rate of exchange on the respective reporting dates.
[5] Interest receivable from group
companies
Interest receivables from group companies include ac-
crued interest on loans of EUR 121.2 m (31.12.2014: EUR
152.0 m), EUR 19.8 m (31.12.2014: EUR 3.1 m) accrued
interest on derivatives with group companies and EUR
1.3 m (31.12.2014: EUR 2.7 m) of upfront premium on
derivatives with group companies, which will be amor-
tised over the remaining tenor.
[6] Interest receivables
from third parties
Other receivables from third parties include accrued
interest of EUR 43.4 m (31.12.2014: EUR 29.7 m) from
interest rate swaps and cross currency swaps.
[7] Forward exchange contracts
All forward exchange contracts are in a hedging relation-
ship for which Linde Finance B.V. applies cost price
hedge accounting.
Cost price hedging means that both the forward ex-
change contract as hedging instrument and the hedged
item are recognised at cost. If the hedged item is a for-
eign currency monetary item recognized in the balance
sheet, the forward exchange contract is measured at the
difference between the spot rate of the balance sheet
date and the contract rate of the forward exchange
contract. The position also includes the interest accrual
on interest rate differentials of forward exchange con-
tracts (forward points).
[8] Derivatives at fair value
The derivatives at fair value only consists of forward
starting interest rate swaps of EUR 177.14 m (31.12.2014:
229.9 m), which are measured at fair value. Those trans-
actions are executed on a risk neutral basis for which
hedge accounting is not applied.
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[9] Tax receivable
As per 30 June 2015 Linde Finance B.V. has a tax receiv-
able of EUR 2.8 m (31.12.2014: EUR 4.4 m) related to
corporate income tax and withholding tax.
[10] Other assets
Other assetss include EUR 33.8 m (31.12.2014: EUR 0.0 m)
of early payment of foreign currency settlement with a
value date in the second half of 2015 but book date in
the first half of 2015.
[11] Collateral deposits
Since 2010 Linde Finance B.V. has Credit Support An-
nexes (CSAs) in place with its major financial market
participants to mitigate the counterpart risk. The out-
standing value of the cash collateral deposited by Linde
Finance B.V. at banks per 30 June 2015 is EUR 84.4 m
(31.12.2014: EUR 71.2 m).
[12] Liquid assets
Liquid assets comprise only cash at banks which are at
the disposal of Linde Finance B.V..
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Equity and liabilites
[13] Equity
Authorized share capital consists of 15,000 shares of EUR
1,000 each. As per 30 June 2015, the total number of
shares outstanding which are fully paid in, are 5,000
(31.12.2014: 5,000). All shares of Linde Finance B.V. are
held by Linde Holdings Netherlands B.V., Schiedam. The
ultimate parent of Linde Finance B.V. is Linde AG, Munich,
which is listed on the German stock exchange.
T6 EQUITY
in € thousand Share capital
Share
premium
Retained
earnings
Unappropriated
profit
Total
equity
At 1 January 2014 5,000 150,000 109,955 9,402 274,357
Transfer to retained earnings - - 9,402 -9,402 -
unappropriated profits - - - 17,161 17,161
At 31 December 2014 / At 1 January 2015 5,000 150,000 119,357 17,161 291,518
Transfer to retained earnings - - 17,161 -17,161 -
unappropriated profits - - - 8,356 8,356
At 30 June 2015 5,000 150,000 136,518 8,356 299,874
[14] Subordinated bonds
In 2006 Linde Finance B.V. issued subordinated bonds,
as listed in the table below.
T7 SUBORDINATED BONDS
Currency
Principal
in million
Coupon
(percent)
Effective yield
to first call
(percent)
First
call date
Maturity
date
Coupon
when first
call is not
exercised (percent) Exchange
1 EUR 700 7,375 7,558 14.07.2016 14.07.2066
3 month
Euribor+4,125
Irish Stock
Exchange
*
2 GBP 250 8,125 8,265 14.07.2016 14.07.2066
3 month
GBP Libor+4,125
Irish Stock
Exchange
*
* Not issued under DIP
Linde Finance B.V. has the right to call the bonds from the
dates mentioned under “First call date”.
This right to call applies to the EUR 700 m and GBP
250 m subordinated bonds issued in July 2006 which
have a final maturity date of 14 July 2066. This right
applies as from 14 July 2016. If the right to call the loan is
not exercised on this date, the coupon will attract inter-
est at a variable rate (3-month Euribor +4.125 percent for
the euro bond and 3-month LIBOR +4.125 percent for the
bond in British pounds). The right to call the bond will
then be available every quarter on the due date for
interest payment. The coupon payment may be sus-
pended on any due date for interest payment. Coupon
payments not made will be made up if The Linde Group
makes payments for securities pari passu or subordinated
securities or Linde AG makes dividend payments.
The bonds are unconditionally, irrevocably guaran-
teed by Linde AG, Munich.
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[15] Bonds notes payable
The bonds notes payable comprise loans from credit
institutions as well as from institutional investors.
The contractual maturity of the bonds and notes pay-
able can be shown as follows:
T8 BONDS NOTES PAYABLE
in € thousand 30.06.2015 31.12.2014
< 1 year 1,030,611 703,309
1-5 years 2,755,241 3,022,327
> 5 years 1,494,488 1,444,541
5,280,340 5,170,177
The bonds notes payable of Linde Finance B.V., bear an
average interest of 4.6 percent (31.12.2014: 4.6 percent).
An amount of EUR 5.0 bn (31.12.2014: EUR 4.9 bn) of
bonds notes payable have been issued by Linde Finance
B.V. under the terms of the Debt Issuance Programme.
With respect to this programme Linde AG, Munich has
issued an unconditional and irrevocable guarantee in
favour of Linde Finance B.V..
Bonds notes payable under the terms of the Debt Issu-
ance Programme for an amount of EUR 1.2 bn
(31.12.2014: EUR 1.1 bn) are denominated in a currency
other than Euro. If no natural hedge is in place Linde
Finance B.V. has entered into foreign exchange contracts
or cross currency swaps to hedge foreign currency risks.
T9 ISSUED BONDS LINDE FINANCE B.V.
Currency
Principal
in million
Coupon
(percent) Maturity date Exchange
1 AUD 150 variable 19.08.2015 Bourse de Luxembourg
2 EUR 600 6.750 08.12.2015 Bourse de Luxembourg
3 GBP 200 6.500 29.01.2016 London Stock Exchange *
4 USD 50 variable 02.03.2016 not listed
5 USD 50 variable 11.07.2016 not listed
6 USD 20 variable 19.07.2016 not listed
7 USD 20 variable 20.04.2017 not listed
8 EUR 1,000 4.750 24.04.2017 Bourse de Luxembourg
9 EUR 50 variable 23.05.2018 not listed
10 EUR 750 3.125 12.12.2018 Bourse de Luxembourg
11 USD 150 variable 23.05.2019 not listed
12 EUR 500 1.750 11.06.2019 Bourse de Luxembourg
13 AUD 100 4.250 20.06.2019 Bourse de Luxembourg
14 USD 200 variable 21.08.2019 not listed
15 EUR 600 3.875 01.06.2021 Bourse de Luxembourg
16 GBP 300 5.875 24.04.2023 Bourse de Luxembourg
17 EUR 300 1.875 22.05.2024 Bourse de Luxembourg
18 USD 200 3.434 26.08.2026 Bourse de Luxembourg
* Not issued under DIP
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[16] Loans from group companies
Linde Finance B.V. holds loans from group companies for
a total amount of EUR 5.4 bn (31.12.2014: EUR 5.1 bn).
An amount of EUR 261.0 m (31.12.2014: EUR 265.4 m) of
the principal portion has a maturity longer than one year.
The remaining principal portions are due and payable
within one year. Interest rates are determined based on
the at arm’s length principle. As at 30 June 2015 the
average interest rate on these loans was 0.31 percent
(31.12.2014: 0.36 percent).
Short-term loans from group companies for an
amount of EUR 3.2 bn (31.12.2014: EUR 3.2 bn) are
denominated in a currency other than Euro for which
Linde Finance B.V. has entered into foreign exchange
contracts to hedge foreign currency risks. The valuation
of the loans and foreign exchange contracts is based on
the prevailing rate of exchange on the respective report-
ing dates.
[17] Collateral borrowing
Since 2010 Linde Finance B.V. has Credit Support An-
nexes with its major financial market participants to
mitigate the counterpart risk. The outstanding value of
the cash collateral deposited at Linde Finance B.V. by
various banks, as per 30 June 2015 is EUR 20.2 m
(31.12.2014: EUR 7.7 m).
[18] Credit institutions
Credit institutions comprise only current bank accounts
with negative value.
[19] Interest payable
to third parties
T10 INTEREST PAYABLE TO THIRD PARTIES
in € thousand 30.06.2015 31.12.2014
Accrued interest
bonds notes payable 65,865 94,217
Accrued interest
subordinated bonds 62,933 36,437
Accrued interest
derivatives 9,077 4,834
Upfront premiums
received on derivatives 2,459 3,150
140,334 138,638
Interest payables include upfront premiums received on
derivatives with third parties, which will be amortised
over the remaining tenor.
[20] Interest payable
to group companies
Interest payable to group companies include accrued
interest on loans from group companies of EUR 2.2 m
(31.12.2014: EUR 2.3 m) and accrued interest on deriva-
tives with group companies of EUR 39.9 m (31.12.2014:
EUR 33.3 m).
This also includes upfront premiums received on de-
rivatives with group parties for an amount of EUR 0.4 m
(31.12.2014: EUR 0.7 m), which will be amortised over
the remaining tenor.
[21] Other payables
to third parties
Other payables include EUR 21.0 m (31.12.2014: EUR 0.0
m) of early payment of foreign currency settlement with
a value date in the second half of 2015 but book date in
the first half of 2015. In 2014 6.3 m of unpaid financial
transactions were included.
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Profit and loss
[22] Interest income
The interest income includes EUR 216.6 m (30.06.2014:
EUR 219.7 m) of interest income on loans given to group
companies. The other interest income EUR 81.7 m
(30.06.2014: EUR 74.0 m) is income generated from
external derivatives, amortisation of discounts and other
interest income.
[23] Interest expense
The interest expense includes EUR 86.7 m (30.06.2014:
EUR 89.4 m) of interest from loans of group companies.
The other interest expense of EUR 199.2 m (30.06.2014:
EUR 194.0 m) comprises mainly of interest expenses for
external bonds, external derivatives and the amortisa-
tion of discounts. The interest expense includes EUR 2.9
m (30.06.2014: EUR 2.8 m) internal fee related to the
guarantee issued by Linde AG, Munich.
[24] General and administrative
expenses
The general and administrative expenses for the period
can be analysed as stated in the below table. Whereby
the other G&A costs, mainly consists of fees for advisory,
VAT cost which cannot be claimed back due to the nature
of the business of Linde Finance B.V., bank charges,
office expenses and IT costs.
T11 GENERAL AND ADMINISTRATIVE EXPENSES
in € thousand January to June 2015 January to June 2014
Wages and salaries 245 274
Other general
and administrative
expenses 148 145
393 419
[25] Taxation
Linde Finance B.V. operates under the Advance Pricing
Agreement (APA) with the Dutch fiscal authorities.
This APA ruling defines the minimum returns for inter-
company loans.
Taxes on income for the period can be analysed as fol-
lows:
in € thousand January to June 2015 January to June 2014
Profit before taxation 11,129 11,619
Income tax rate
(percent) 25.00 25.00
Income tax expenses 2,773 3,025
Effective tax rate
(percent) 24.92 26.03
T12 TAXATION
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SUPPLEMENTARY INFORMATION ON THE NOTES
NOTES TO THE INTERIM AC C OUNTS
SUPPLEMENTARY INFORMATION
ON THE NOTES
REVIEW REPORT
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[26] Auditors’ fees
and services
The auditor’s renumeration has been included in the
consolidated accounts of The Linde Group, Munich.
[27] Directors
Linde Finance B.V. has one Managing Director
(30.06.2014: one) and three Supervisory Board Members
(30.06.2014: three). The members of the Supervisory
Board did not receive any remuneration during the first
six months of 2015. Furthermore Linde Finance B.V.
avails itself to the stipulations laid down in article 2:383,
section 1, of the Dutch Civil Code with regard to the
remuneration of the Managing Director.
[28] Employees
During the first six months of 2015 Linde Finance B.V. had
an average of 3.0 full time equivalents (31.12.2014: 3.0).
The wages and salaries refer to NO TE [24] PA GE 20 in-
cludes social security charges and pension premium
costs of EUR 25.4 k (30.06.2014: 29.1 k). The employees
participate in the Industry – wide “Stichting Pensioen
Fonds voor de Grafische Bedrijven” fund. All accrued
rights, build-up in the “Stichting Pensioen−fonds N.V.
Linde Gas Benelux” up to 2014, were transferred to
“Stichting Pensioen Fonds voor de Grafische Bedrijven”
on first April 2015. .
The pension scheme of this fund is a Collective De-
fined Contribution plan. The contribution to the pension
fund is fixed annually by the pension board as a percent-
age of the total sum of participants’ salary costs, less the
AOW-deducible. The employer will settle the contribution
with the pension fund on a monthly basis. In case of a
shortfall in funding within the pension fund this will
result in a reduction of pensions and build-up pension
rights for all participants. A shortfall of funding within the
pension fund cannot result in any claim towards the
employer.
[29] Off balance sheet
commitments
Linde Finance B.V. has entered into a number of interest
rate swap agreements, with a principal amount of EUR
11.7 bn (31.12.2014: EUR 11.6 bn) and a number of cross
currency swap agreements, with a principal amount of
EUR 404.9 m (31.12.2014: EUR 397.8 m). Due to the
application of cost price hedging to derivative financial
instruments an amount of EUR 6.9 bn (31.12.2014: EUR
6.8 bn) are following the valuation principle of the
hedged items (i.e. cost price). The principal amount
includes forward starting interest rate swaps of EUR 4.8
bn (31.12.2014: EUR 4.8 bn), recognised at fair value.
Linde Finance B.V, has limited rental, back office and
IT commitments with third parties. Total expenses are
approximately EUR 50.0 k per annum. The rental agree-
ment for the offices has been signed in September 2012
for a period of five years.
In July 2013 Linde AG, Munich and Linde Finance B.V.
had agreed a new five-year EUR 2.5 bn syndicated re-
volving credit facility. During the reporting period, Linde
successfully extended the term of the syndicated revolv-
ing credit facility for a second time by one year until 2020.
The credit line originally had a term of five years with
two options to extend the facility, in each case by one
year (subject to the agreement of the lenders).
The syndicated revolving credit facility has not been
drawn down and also serves as backup for the EUR 2.0 bn
Commercial Paper Programme.
The fair value of financial instruments is determined
using measurement methods customary in the market,
based on market parameters specific to the instrument.
The fair value of derivative financial instruments is
measured by discounting expected future cash flows
using the net present value method. The entry para-
meters used in these models are relevant ob-servable
market prices and interest rates on the balance sheet
date, obtained from recognised external sources.
The table below shows the fair value of financial as-
sets and liabilities.
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T13 FAIR VALUES FINANCIAL ASSETS AND LIABILITIES
in € million 30.06.2015 31.12.2014
Assets
Loans to group companies (non current) 6,693.5 9,138.4
Loans to group companies (current) 6,090.6 3,350.3
Interest rate swaps/cross currency swaps external 138.3 147.9
FX swaps 30.6 70.2
Interest rate swaps/cross currency swaps internal 213.4 258.9
Liabilities
Bonds/notes payable 5,352.0 5,710.3
Subordinated bonds 1,119.5 1,117.2
Loans from group companies (non current) 259.5 258.6
Loans from group companies (current) 5,175.7 4,903.1
Interest rate swaps/cross currency swaps external 190.7 243.4
FX swaps 21.1 39.4
Interest rate swaps/cross currency swaps internal 125.2 142.4
[30] Related parties
All transactions are conducted on an arm’s length basis. Further information on related party transactions is also
disclosed in relevant notes to the interim accounts.
T14 MAJOR OUTSTANDING LOAN EXPOSURE
in € million 30.06.2015 in percent
Linde AG Munich DEU 5,424.7 45.2
Linde UK Holdings Limited Guilford GBR 3,396.8 28.3
Linde Gas Holding Sweden AB Lidingo SWE 881.3 7.3
Linde Holdings Netherlands B.V. Schiedam NLD 461.5 3.8
BOC Holdings Guilford GBR 415.9 3.5
The BOC Group Limited Guilford GBR 351.1 2.9
Linde Österreich Holding GmbH Stadl- Paura AUT 265.0 2.2
Abello Linde SA Barcelona ESP 158.6 1.3
Linde Canada Limited Missisauga CAN 141.8 1.2
other 508.5 4.3
12,005.2 100.0
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T15 MAJOR OUTSTANDING DEPOSIT EXPOSURE
in € million 30.06.2015 in percent
Linde UK Holdings Limited Guilford GBR 1,688.2 30.9
The BOC Group Limited Guilford GBR 845.9 15.5
BOC Helex Guilford GBR 600.2 11
Linde North America Inc Murray Hill USA 371.0 6.8
Linde Holdings, LLC Tulsa USA 368.5 6.7
BOC LIMITED Guilford GBR 263.0 4.8
Oy AGA AB Espoo FIN 132.8 2.4
BOC HOLDINGS Guilford GBR 82.5 1.5
Linde Gas GmbH Stadl-Paura AUT 75.6 1.3
other 1,043.0 19.1
5,470.7 100.0
[31] Risk management
Foreign currency risk
It is the objective of Linde Finance B.V. to eliminate
foreign currency risks. With the exception of margins
generated by foreign currency denominated back to back
loans, Linde Finance B.V. enters into currency contracts
and cross currency swaps in order to hedge Linde Fi-
nance B.V.’s currency exposure. The underlying assets
and liabilities are translated into Euro at the balance
sheet date. The derivatives used to hedge the currency
risk exposure are included in the balance sheet in accor-
dance with the cost price hedging model. The positions
are regularly checked as part of the risk management
procedures.
The below table provides the net foreign exchange
cash flow positions per 30 June 2015. The totals are all
unhedged margins on loans and corresponding deposits.
As stipulated in the foreign currency risk management
approach these margins are not hedged.
T16 NET FOREIGN CURRENCY CASH FLOW POSITION PER CURRENCY
in thousand
Currency
Largest positions of Net FX cash flow
positions per currency In € per 30.06.2015 Lastest Maturity
GBP 3.953 5.586 24.04.23
CAD 1.374 988 17.12.18
USD 2.409 2.179 26.08.26
Other currencies 339
Total position 9.092
The total Value at Risk (VaR) for the largest positions is
per 30 June 2015 EUR 1.3 m (31.12.2014: 1.4 m). The VaR
calculation is based on a 97.5% VaR for Linde
Finance B.V. foreign currency positions (Multivariate
normality assumed, i.e., Markowitz approach).
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T17 FOREIGN CURRENCY RISK LINDE FINANCE B.V. AS AT 30.06.2015
in thousand Exposure FX Exposure € VaR €
AUD -1.804 1.239 169
CAD -851 -614 86
GBP 3.953 5.559 1.244
HKD 4 0 0
NZD -1.398 852 112
RUB -189 -3 -
TRY -7.735 -2.573 218
SEK 96 10 -
USD 2.246 2.012 375
Interest risk
It is Linde Finance B.V. policy that interest exposures with
duration longer than one year are being hedged, by
entering into interest rate swaps and/or cross currency
swaps.
The table below shows the “un-matched” open nominal
positions according to their maturity, for durations of one
year and above for all currencies in EUR equivalents.
A positive sign is a net long position.
T18 INTEREST RISK
in € thousand
Time bucket Bucket end date Yearly mismatch Cummulated mismatch
less then 10 years 30.06.2024 - -
less then 5 years 30.06.2019 - -
less then 4 years 30.06.2018 - -
less then 3 years 30.06.2017 - -
less then 2 years 30.06.2016 - -
less then 1 year 30.06.2015 149,847 149,847
Credit risk / Counterparty risk
Linde Finance B.V. solely provides loans within The Linde
Group. Intercompany credit exposure has been insured
with Linde AG, Munich through a Credit Assurance
Agreement. The associated expenses are charged on to
the companies through an additional risk premium on top
of the base rate.
Linde AG, Munich, which has issued an unconditional and
irrevocable guarantee in relation to the Debt Issuance
and Commercial Paper Programme, presently has a A+ /
A-1 rating by Standard & Poor’s and A2 / P-1 rating by
Moody’s. Both credit ratings have a stable outlook.
LINDE FINAN CE HA LF-YEAR REPO RT JANUARY TO JUNE 2015
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Cash and financial derivatives are only deposited and/or
entered into with banks.
Linde Finance B.V. has Credit Support Annex agreements
in place with all of its major financial counterparts in
order to mitigate the counterpart risk associated with
derivative transactions.
Liquidity risk
The liquidity risk is actively managed and covered by
a currently undrawn EUR 2.5 bn five year syndicated
revolving credit facility, which was agreed in July 2013.
During the reporting period, Linde successfully extended
the term of the syndicated revolving credit facility for a
second time by one year until 2020. The credit line origi-
nally had a term of five years with two options to extend
the facility, in each case by one year (subject to the
agreement of the lenders).
A M S T E R D A M , 3 1 A U G U S T 2 0 1 5
T H E B O A R D O F M A N A G I N G
D I R E C T O R S
M I C H A G L A S E R
[32] Other information
Appropriation of Results
In accordance with Article 27 of Linde Finance B.V. Arti-
cles of Association, profits, if any, are at the disposal of
the General Meeting of shareholder. The Directors pro-
pose to add the net profits to the retained earnings.
[33] Subsequent events
No subsequent event occurred.
T H E B O A R D O F S U P E R V I S O R Y
D I R E C T O R S
G E O R G D E N O K E , C H A I R M A N
B J Ö R N S C H N E I D E R
D R S V E N S C H N E I D E R
LINDE FINAN CE HA LF-YEAR REPO RT JANUARY TO JUNE 2015
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R
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REVIEW REPORT
S U P P L E M E N T A R Y INF O R M A T I O N
ON THE NOTES
REVIEW REPORT
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Review Report
To: the General Meeting of Shareholders of Linde Finance
B.V.
Introduction
We have reviewed the accompanying interim financial
information as at 30 June 2015 of Linde Finance B.V.,
Amsterdam, which comprises the balance sheet as at 30
June 2015, the profit and loss account for the period of 6
months ended at 30 June 2015, and the notes. Manage-
ment of the Company is responsible for the preparation
and presentation of this interim financial information in
accordance with the Dutch Guideline for Annual Report-
ing 394 on Interim Reports. Our responsibility is to ex-
press a conclusion on this interim financial information
based on our review.
Scope
We conducted our review in accordance with Dutch law
including standard 2410, ‘Review of Interim Financial
Information Performed by the Independent Auditor of the
Entity’. A review of interim financial information consists
of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical
and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with
auditing standards and consequently does not enable us
to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention
that causes us to believe that the accompanying interim
financial information as at 30 June 2015 is not prepared,
in all material respects, in accordance with the Dutch
Guideline for Annual Reporting 394 on Interim Reports.
A M S T E L V E E N , 3 1 A U G U S T 2 0 1 5
K P M G A C C O U N T A N T S N . V .
F . M . V A N D E N W I L D E N B E R G R A
LINDE FINAN CE HA LF-YEAR REPO RT JANUARY TO JUNE 2015
27
TABLES
BALANCE SHEET OF LINDE
FINANCE B.V. – ASSETS
T1 _ PAGE 8
BALANCE SHEET OF
LINDE FINANCE B.V. –
EQUITY AND LIABILITIES
T2 _ PAGE 9
PROFIT AND LOSS
T3 _ PAGE 10
CASH FLOW STATEMENT
T4 _ PAGE 11
MOVEMENT IN LONG TERM LOANS
TO GROUP COMPANIES
T5 _ PAGE 14
EQUITY
T6 _ PAGE 17
SUBORDINATED BONDS
T7 _ PAGE 17
BONDS NOTES PAYABLE
T8 _ PAGE 18
ISSUED BONDS LINDE FINANCE B.V.
T9 _ PAGE 18
INTEREST PAYABLE
TO THIRD PARTIES
T10 _ PAGE 19
GENERAL AND
ADMINISTRATIVE EXPENSES
T11 _ PAGE 20
TAXATION
T12 _ PAGE 20
FAIR VALUES FINANCIAL
ASSETS AND LIABILITIES
T13 _ PAGE 22
MAJOR OUTSTANDING
LOAN EXPOSURE
T14 _ PAGE 22
MAJOR OUTSTANDING
DEPOSIT EXPOSURE
T15 _ PAGE 23
NET FOREIGN CURRENCY
CASH FLOW POSITION
PER CURRENCY
T16 _ PAGE 23
FOREIGN CURRENCY RISK LINDE
FINANCE B.V. AS AT 30.06.2015
T17 _ PAGE 24
INTEREST RISK
T18 _ PAGE 24
LINDE FINAN CE HA LF-YEAR REPO RT JANUARY TO JUNE 2104